Western Copper and Gold Announcing Exercise of Participation Right in Full by Rio Tinto
Press Release
Apr 11, 2023
VANCOUVER, B.C. Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN; NYSE American: WRN) announces that, in connection with the strategic investment by Mitsubishi Materials Corporation (“Mitsubishi Materials”) announced on March 24, 2023, Rio Tinto Canada Inc. (“Rio Tinto”) has notified the Company that it will exercise its participation right in full.
Rio Tinto will subscribe for 878,809 common shares of the Company for proceeds of approximately C$2.3 million (the “Rio Tinto Subscription”), allowing Rio Tinto to maintain its interest of approximately 7.84%. As a result, the Company confirms that Mitsubishi Materials will subscribe for 8,091,390 common shares of the Company for proceeds of approximately C$21.3 million.
The Rio Tinto Subscription is expected to be completed on or before May 1, 2023. The Mitsubishi Materials investment is expected to be completed on or about April 14, 2023. Both remain subject to final approval by the Toronto Stock Exchange and the NYSE American LLC.
“We are pleased with the continued interest Rio Tinto has shown and look forward to working with Mitsubishi and Rio Tinto to advance the Casino Project.” said Paul West-Sells, President and CEO.
ABOUT WESTERN COPPER AND GOLD CORPORATION
Western Copper and Gold Corporation is developing the Casino Project, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com
On behalf of the board,
“Paul West-Sells”
Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation
For more information, please contact:
Sandy Noyes
Director, Investor Relations
604.638.2520 or [email protected]
IBF4
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